Ways to Teach Kids about Sensible Spending

Friday

Nov 23, 2012 at 1:00 PM

OKLAHOMA CITY – If you haven't already, you're probably about to start holiday shopping. Have you talked to your children about the value of money and the importance of managing it wisely? All parents hope that their children will grow up to make prudent use of their money, yet few actually spend time talking to them about how to accomplish these goals, a new study has found. According to the American Institute of CPAs, parents are more likely to have talked with their children about good manners, smart eating habits, the importance of good grades, the dangers of drugs and alcohol and the risks of smoking than about sensible spending. The holiday season offers plenty of opportunities to educate your kids. If you're not sure how to get started, the Oklahoma Society of Certified Public Accountants (OSCPA) has this advice. Don't wait. Even young children are able to understand what it means to build‹or save‹toward a goal, such as a toy or trip to an amusement park, especially if such an item tops their wish list. Parents can help by encouraging their children to set aside money they receive for birthdays or holidays to save up for a special purchase. Older children can save money earned from afterschool or weekend jobs, and parents can give younger kids small jobs to help them earn money. See another tip in news now tomorrow.